By InvestAdvocate

Lagos (INVESTADVOCATE)-Sterling Bank Plc Thursday reported a 16.3 percent (16.3%) growth in Profit After Tax (PAT) for the First Quarter Report for the Period Ended March 31 2012.

From the Result Announcement of the Bank to the Nigerian Stock Exchange (NSE) in Lagos Nigeria and made available to www.investadvocateng.com, to post the 16.3% growth for the review period, the Bank recorded a PAT of N1.321 billion in Q1 2012 compared to N1.136 billion in the corresponding period of year 2011.

Similarly Profit Before Tax (PBT) increased from N1.259 billion in Q1 of 2011 compared to N1.564 billion in Q1 of 2012.

While Gross Earnings increased significantly from N9.608 billion in the First Quarter of 2011 compared to N17.176 billion in Q1 of 2012; indicating an increase of 78.8%.

Meanwhile, Beco Petroleum Products Plc in its Audited Report for the Period Ended December 31 2011 declared a Loss of N168.661 million in PAT compared to N316.447 million recorded in the same period of 2010.

In the same vein, the Firm also recorded a negative in PBT of N136.155 million in the Audited Period of year 2011 compared to a negative of N228.519 million in the same period of year 2010.

Turnover also decreased slightly from N2.789 billion in year 2010 end compared to N2.686 billion in the review period of year 2011; showing a decrease of -3.4%.

On its part, Staco Insurance Plc (STACO) operating on the Insurance Sector of the Nigeria’s Exchange in its Second Quarter (Q2) Forecast for April to June 2012 has projected a PAT of N630.454 million, PBT of N813.488 million and Gross Premium of N4.694 billion.